Nevada § 353B.350 - Administration by State Treasurer; establishment and use of Program, Administrative and Endowment Accounts

§ 353B.350. Administration by State Treasurer; establishment and use of Program, Administrative and Endowment Accounts

1. The Trust Fund and any account established by the State Treasurer pursuant to this

section must be administered by the State Treasurer. 2. The State Treasurer shall establish such accounts as he or she determines necessary

to carry out his or her duties pursuant to NRS 353B.300 to 353B.370 , inclusive, including, without limitation: (a) A Program Account in the Trust Fund; and (b) An Administrative Account and an Endowment Account in the State General Fund. 3. The Program Account must be used for the receipt, investment and disbursement of

money pursuant to savings trust agreements. 4. The Administrative Account must be used for the deposit and disbursement of money

to administer and market the Nevada College Savings Program and to supplement the

administration and marketing of the Nevada Higher Education Prepaid Tuition Program

set forth in NRS 353B.010 to 353B.190 , inclusive. 5. In addition to the money transferred pursuant to NRS 353B.335 and deposited pursuant to NRS 353B.360 , the Endowment Account must be used for the deposit of any money received by the

Nevada College Savings Program that is not received pursuant to a savings trust agreement

and, in the determination of the State Treasurer, is not necessary for the use of

the Administrative Account. Except as otherwise provided in NRS 353B.360 , the money in the Endowment Account may be expended for any purpose related to: (a) The funding of accounts created under the Nevada College Kick Start Program established

pursuant to NRS 353B.335 ; (b) The Governor Guinn Millennium Scholarship Program created pursuant to NRS 396.926 , including, without limitation, the costs of administering the Program, but such

costs must not exceed an amount equal to 3 percent of the anticipated annual revenue

to the State of Nevada from the settlement agreements with and civil actions against

manufacturers of tobacco products anticipated for deposit in the Trust Fund; (c) The administrative costs, as approved by the Legislature or the Interim Finance

Committee, of activities related to the Nevada Higher Education Prepaid Tuition Program

set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program; (d) The costs of marketing related to the Nevada Higher Education Prepaid Tuition

Program set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program, but such costs must

not exceed an amount equal to 7 percent of the money in the Endowment Account, other

than money deposited pursuant to NRS 353B.360 , that was received during the first fiscal year of the immediately preceding biennium

by the Nevada College Savings Program, was not received pursuant to a savings trust

agreement and, in the determination of the State Treasurer, was not necessary for

the use of the Administrative Account; (e) The costs of providing programs for the financial education of residents of this

State and the Nevada ABLE Savings Program, including, without limitation, the costs

related to administering such programs, the costs of employing a Deputy of Financial

Literacy and Security pursuant to subsection 1 of NRS 226.100 and the costs of carrying out the provisions of NRS 427A.882 to 427A.896 , inclusive, but such costs must not exceed an amount equal to 10 percent of the money

in the Endowment Account that was received during the first fiscal year of the immediately

preceding biennium by the Nevada College Savings Program, was not received pursuant

to a savings trust agreement and, in the determination of the State Treasurer, was

not necessary for the use of the Administrative Account; or (f) The costs of carrying out the provisions of NRS 226.500 to 226.590 , inclusive.